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1. Mandate, tasks and governance
The European Banking Authority (EBA) is part
of a European System of Financial Supervi-
sion (ESFS) which is helping to rebuild trust
in the financial sector. It does this through the
promotion of supervisory convergence and by
providing advice to EU institutions in the areas
of banking, payments and e-money regula-
tion as well as on issues related to corporate
governance, auditing and financial reporting.
Through the development of a Single Rule-
book for banking it helps guarantee financial
stability and a level playing field across finan-
cial markets.
As one of the three new European supervisory
authorities (ESAs) that were created as a re-
sponse to shortcomings in the supervision of
increasingly interconnected and international
financial markets and institutions highlighted
during the financial crisis of 2007/08, the EBA
is accountable to both the European Parlia-
ment and Council and has the power to tem-
porarily prohibit or restrict financial activities
that threaten the orderly functioning and in-
tegrity of financial markets or the stability of
the financial system.
Together with the European Insurance and
Occupational Pensions Authority (EIOPA) and
the European Securities and Markets Author-
ity (ESMA), the EBA is charged with improving
the functioning of the internal financial mar-
ket by means of ensuring a high, effective and
consistent level of prudential regulation and
supervision, protecting depositors and inves-
tors, protecting the integrity, efficiency and or-
derly functioning of financial markets, main-
taining the stability of the financial system,
and strengthening international supervisory
coordination. It works to improve the qual-
ity and consistency of national supervision, to
strengthen oversight of cross-border groups
and acts as an independent advisory body to
the European Parliament, the Council and the
Commission on banking issues.
One of the EBA’s key tasks is to harmonise
regulatory technical standards in financial
services into a Single Rulebook in order to cre-
ate a level playing field and adequate protec-
tion of depositors, investors and consumers
across the EU. The financial industry contrib-
utes to the creation of those technical stand-
ards through participation in the Banking
Stakeholder Group, which is consulted on pro-
posed measures and contributes to the creation
of an impact study into the effect the proposed
new standards will have on the sector.
The EBA has the power to investigate incor-
rect or insufficient application of Union law
by a national supervisory authority, can com-
pel that authority to take necessary actions to
become compliant and can require it to take
specific courses of action in emergency situ-
ations.
A Board of Supervisors (BoS), composed of the
heads of the relevant competent authorities in
each Member State and chaired by the Chair-
person of the Authority, is the principal deci-
sion-making body of the EBA. Representatives
of the Commission, the European Systemic
Risk Board (ESRB), the European Central
Bank, the European Insurance and Occupa-
tional Pensions Authority and the European
Securities and Markets Authority participate
as observers. Croatia is already participat-
ing in the Board of Supervisors meetings as
an observer during the interim period until its
accession as an EU Member State on 1 July
2013, whereby it will participate as a full vot-
ing member.
The Management Board ensures that the EBA
carries out its mission and performs the tasks
assigned to it. It is composed of six members
elected from the Board of Supervisors by and
from its members. The EBA Chairperson is
also a member of and chairs the Management
Board. The Executive Director and a repre-
sentative from the European Commission at-
tend as non-voting participants (except that
the European Commission will have a vote on
budget matters).